SHARJAH, 16th October, 2023 (WAM) — The Sharjah Chamber of Commerce and Industry (SCCI) has signed a Memorandum of Understanding (MoU) with the Brazilian Chamber of Commerce of São Paulo, a stride aimed at strengthening trade relations, fostering mutual work prospects, and propelling investment opportunities accessible to each side.
The initiative also seeks to augment the cooperative endeavours between the business communities in the UAE and Brazil.
The MoU was virtually signed by Abdullah Sultan Al Owais, Chairman of the SCCI, and Roberto Mateus Ordine, President of São Paulo Chamber of Commerce. Other notable attendees included Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at the Sharjah Chamber, and Jamal Saeed Buzangal, Director of the Media Department at the Chamber, along with several officials from both delegations.
The MoU outlines various avenues of collaboration, including exchanging trade delegations and discussions related to exports and the economy. It also supports the facilitation of visits and the development of a trade network.
The agreement also entails the exchange of commercial data, information, and statistics, activation of joint research endeavours, and participation in events, exhibitions, and trade conferences on each side. Moreover, it promotes sharing of technical knowledge, experiences, and training opportunities among members.
Al Owais emphasised that the MoU will significantly strengthen collaboration between the two chambers and benefit private sector entities and proprietors of innovative projects, ensuring mutual gains in trade and economic cooperation.
He highlighted the enduring and constructive nature of the UAE-Brazil bilateral relations, which are observing a distinct growth in the volume of economic cooperation. Over the past decade, the volume of non-oil trade exchange between the two nations has surged by 43 percent, jumping from AED10.4 billion in 2013 to a notable AED14.7 billion by the culmination of 2022.
Specifically, the volume of non-oil trade exchange between the UAE and Brazil during 2022 witnessed a growth of 32.1 percent, reaching AED14.8 billion, a notable rise from AED11.2 billion in 2021. He emphasised that these figures embody positive indicators, reinforcing the success of both sides’ efforts through this memorandum. This agreement heralds a new era of collaboration between the two chambers, aiming to accomplish shared objectives and interests, he added.
Roberto Mateus Ordine echoed similar sentiments, stating that the MoU signing heralds a new era of bolstered efforts to strengthen cooperation in numerous areas of mutual interest. This comes against the backdrop of the enduring and robust relations between Brazil and the UAE, coupled with the current endeavours by both nations to fortify and expand their well-rooted economic ties.
He noted that the UAE ranks among the largest international investors in Brazil, with the trade exchange volume between the two nations witnessing remarkable growth. In 2022 alone, Brazil’s imports from the UAE tallied up to US$2.65 billion, while its exports to the UAE amounted to $3.26 billion.